Bitcoin crosses $65k and finally breaks through the $60k-$63k price bracket it has been stuck in. It has also helped Ethereum reach a new ATH by crossing $4,700. This might be a signal that the consolidation period is over, and we might be ready for another burst rally. I call this a burst rally because, if you note, the price just doesn’t keep increasing. It goes up for a while, consolidates in a price range, and then moves up again.
Bitcoin new highs soon!
Bitcoin daily chart
As you can see in the above chart that the price has finally broken through the consolidation price range. We might soon be testing the ATH at $67k and moving into price discovery mode. JP Morgan’s $73k price target for the short term is also something we must keep an eye on. And if we become a little more optimistic, $98k by November end is what Plan B has predicted on Twitter.
This also means that prospective bullish investors and traders will have several promising opportunities to enter the market as well.
In addition, the highest estimates for the short term currently revolve around as much as $300,000 per Bitcoin. Plus, various data sources suggest that BTC may continue to outperform the altcoins for the time being. Subsequently, popular traders cautioned against focusing on altcoin-heavy portfolios.
For instance, a statement posted on Twitter read:
“So many alt/btc pairs look like they want to break down $ETH/$BTC at dynamic long term support line$SOL looks like it’s in a bear flag. Many have made macro LL’s…This is great because of the ability to compound riding BTC up to new ath then alts back up.
Other notable events include:
- Coinbase signs multi-year sponsorship deal with NBA and WNBA
- Facebook chooses Coinbase
Coinbase signs multi-year sponsorship deal with NBA and WNBA
American exchange Coinbase has partnered with the National Basketball Association (NBA) and the Women’s National Basketball Association (WNBA) to act as their exclusive crypto sponsor.
The NBA announcement stated, “Beginning with tonight’s tip off of the NBA’s 75th Anniversary season, Coinbase will have a brand presence featured during nationally televised games.
The foundation stated on Tuesday ”We have a HUUUUGE announcement coming up on Oct 26th, and we will be having a fun competition for the next 6 days to celebrate it!.”
SOLVE rallied nearly 558% since Oct. 20 to reach highs of $0.52 today.
Hedera Hashgraph (HBAR)’s token has ticked higher since Oct. 18 as USDC made its way into the Hedera Hashgraph ecosystem.
Bitcoin Rallies to $67K As ProShares ETF ‘BITO’ Trading Begins
As ProShares ETF ‘BITO’ trading begins, the first-ever exchange-traded fund (ETF) backed by Bitcoin futures has hauled in some $570 million of assets on its first day of trading.
Timeline of BitcoinBitcoin and ether hit new all-time highs – CNBC
Bitcoin and ethereum hit new all-time highs on Monday evening.
Why You Should Care About Taproot, The Next Major Bitcoin Upgrade – Bitcoin Magazine
By making transactions cheaper, more efficient and more private, Taproot sets the stage for extra functionality on the Bitcoin network.
Genesis reports downtrend in BTC demand as institutions prefer ETH, DeFi – AMBCrypto
‘Tis the season of releasing earnings reports, and the third-quarter growth has not so well for some companies directly engaged in cryptocurrencies.
Coinbase. Bitcoin bulls had taken out the previous peak of $64,899 marked in April as a much-anticipated price surge pushed the lead asset into price discovery mode.
The second-largest cryptocurrency, Ethereum (ETH) also rose to highs of $4,080 seen at press time. This comes as Kinea, one of the leading asset managers in Brazil, disclosed making an exploratory investment in the cryptocurrency world. The company, which has a vast amount of assets under management had chosen to invest in Ethereum.
Majority of Altcoins rose as Bitcoin rallied to fresh all time highs with OKB (OKB, +24.06%), Huobi Token (HT, +12.69%), Cartesi (CTSI, +25.47%), Safemoon (SAFEMOON, +12.36%), Convex Finance (CVX, +28.07%), SOLVE (SOLVE, +228.16%), Sun New (SUN, +31.02%), BitDAO (BIT, +24.76%) posting significant gains.
The SUN token received a price boost as the TRON Foundation announced on Oct.
Tiger King. The documentary series, which launched in March 2020, explored the bizarre underworld of Tiger breeding.
Its goal is to create decentralized applications “by building its use-cases from the community.” There are currently four dApps that are featured on the Tiger King website:
- EtherLIFT — a gas fee sponsorship application for advertisers to reach users of the Ethereum blockchain;
- ChainChat — a private peer-to-peer messenger over the blockchain;
- TigerTracks — a graphical representation of data on the blockchain;
- Tiger King Coin Gamepad — a betting platform for TKING holders.
XRP currency runs on a RippleNet digital payment platform, which is on top of a distributed ledger database called XRP Ledger.
🔍 DYOR:Website Twitter
We have prepared top-performing coins of Oct 21 for you.
Solana has managed to become the best performing asset among TOP-100, gaining 21.73% within the last 24 hours.
TerraUSD was the worst-performing asset among TOP-100 (again), losing 0.09% within the last 24 hours.
To get up-to-date reports on gainers and losers during the week, follow us on Twitter.
Top cryptomeme of the week
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The crypto broke above its previous high of $64,889 reached in April.
Bitcoin is currently changing hands for around $65,607, up 4.2% over the past 24 hours. The latest rally pushed bitcoin’s year-to-date terms to 122%, according to CoinDesk data.
The largest cryptocurrency appears to have gotten a push on Tuesday from the launch of the ProShares Bitcoin Strategy ETF, the first exchange-traded fund approved by the U.S. Securities and Exchange Commission to invest in bitcoin futures.
Indeed, the new fund, traded on the New York Stock Exchange under the ticker $BITO, garnered a first-day trading volume of more than $1 billion, ranking it among the most successful launches of all time.
In the coming weeks, several more bitcoin futures-based ETFs may debut in the U.S., opening up the potential for savvy U.S.
This has been largely thanks to the wild price fluctuations Bitcoin has experienced lately.New ATH renews faith in PlanB’s prediction of $98K BTC by December – Cointelegraph
Will Bitcoin break above six figures before Christmas? PlanB’s Stock-to-Flow model suggests $100,000 BTC could be imminent.
Square Unveils Plans to Help Bitcoin Become the Native Currency for the Internet – Bitcoin
Square Inc. has affirmed that its focus is on helping bitcoin become the native currency for the internet. CEO Jack Dorsey explained, “We have a number of initiatives toward that goal” that will help “bitcoin reach a mainstream audience while at the same time strengthening the network and ecosystem.” Square’s Focus Is on Helping Bitcoin
Bitcoin and Ethereum prices jump to new records – CNN
Bitcoin hit an all-time high of $67,673.74 on Monday, according to CoinMarketCap.